The President today met in the Cabinet Room with Members of the House and Senate to discuss legislation to restore economic viability to the Nation's energy-producing regions. The President expressed his concern for the current state of the domestic oil and gas industry, which he called a matter of vital concern for every American. He believes that the Nation's security is dependent upon a strong and competitive domestic oil and gas industry, and he said that America must never again be dependent on unreliable foreign sources of oil. The President reviewed his administration's efforts to help the industry without bringing big government back into Americans lives.

The participants discussed details of the Oil and Gas Production and Revitalization Act, which has been introduced in the Senate by Senators Phil Gramm (R - TX) and Don Nickles (R - OK) and in the House by Representatives Beau Boulter (R - TX) and Henson Moore (R - LA). The President expressed his full support for the initiatives in the legislative package and said there should be no doubt his administration will continue to pursue any and all initiatives that will remove government impediments to a healthier and more competitive energy industry.